Effective from 2 Jun 2020:
- Cheque Collection [Mon – Fri] : From 2.30pm to 4.30pm at the Stakeholding Counter, by appointment only. Please make an appointment here.
- Form Submissions : Must be submitted in PDF format to [email protected]. Hardcopy submissions will not be accepted. Please refer to Conveyancing Money Service Circular 2/2020 for more details.
- Payment of Service Fees / Express Service Fees : Please refer to Conveyancing Money Service Circular 2/2020 for more details.
Conveyancing Service
SAL holds conveyancing money for the purposes of the Conveyancing and Law of Property (Conveyancing) Rules 2011. We serve as an independent depository to both buyer and seller in place of a law firm’s Conveyancing Account.
Scope of Service
SAL’s services are available for two types of conveyancing monies:
- Stakeholding Deposits
Payment in of the stakeholding deposit into any one of the SAL's designated bank accounts should be accompanied by the Pay-In Form, sent directly to the SAL.
As stakeholder, SAL will release the stakeholding deposit when instructed to do so by both the Purchaser and the Vendor (or their solicitors). Instructions will have to be given 3 working days ahead of the completion date for normal service, and before the cut-off-time on the date of completion for express service. The expected date of collection of cheques from the SAL's premises is usually the completion date.
Payments will be made to Category A, B and C payees as jointly advised by both sides, requiring signatures from both sides.
- Conveyancing money (other than stakeholding deposits) (i.e. Purchaser's or Vendor's money to be used for the settlement of the Sale and Purchase of the property concern)
Parties may make use of this service to pay in conveyancing moneys (other than stakeholding deposit) in advance of completion date. Payment may be made directly to any one of the SAL's designated bank accounts in the local banks. Payment should be accompanied by the Pay-In Form, sent directly to SAL.
Again, instructions have to be given 3 working days ahead of the completion date for normal service, and before the cut-off-time on the date of completion for express service. The expected date of collection of cheques from the SAL's premises is usually the completion date, unless otherwise advised.
Payment out to Category A payees will require only the signature of the party who chooses to deposit the conveyancing money with the SAL.
Payment out to Category B and C payees will require a counter-signatory from the other side.
Governing Rules
The solicitor’s duty in respect of the holding of all conveyancing monies in Singapore are governed by the Conveyancing and Law of Property (Conveyancing) Rules 2011.
If conveyancing monies are placed with SAL instead of solicitors, the rules for payment in and payment out of conveyancing monies under SAL’s services will be governed by the –
- Singapore Academy of Law (Conveyancing Money) Rules 2011, please click here.
- Conveyancing and Law of Property (Conveyancing) Rules 2011, please click here.
Service Fee
Normal Service fee is to be paid at the time the Pay-In Form is submitted to SAL. If Express Service is required (i.e. less than 3 working days’ notice given to SAL), additional Express Service fee is to be paid at time of collection of the cheque/cashier’s order from SAL.
Mode of Payment
All payment out by the SAL will be on the following modes of payment:
- Cashier’s order for payments to discharging mortgagees;
- SAL cheques for all other categories of payees.
Important Links
- Ministry of Law Conveyancing Webpage
- Difference between opening a conveyancing ("CVY") account with an Appointed Bank and using SAL's services
http://www.sal.org.sg/Services/Stakeholding-Conveyancing/Conveyancing-Services/SAL-Conveyancing-Money-Service-Comparative-Table
